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San Diego enjoys warm, sunny weather year-round with an average daily temperature of 70 degrees. If youre looking to head outdoors, theres no better experience than cruising San Diegos 59-mile scenic drive, where youll glimpse panoramic views of the coastline and city skyline. But you cant enjoy this beautiful view without a set of wheels.
Getting preapproved for a San Diego auto loan quickly puts you behind the wheel. Although San Diego has a metropolitan transit system that includes bus, trolley, and light rail, you might prefer traveling on your own schedule. Fortunately, financing a new car is more affordable than you think, especially when you work with a local San Diego lender.
Learn: The Best Way to Pay Off Your Car Loan Early
Benefits of Getting Preapproved for San Diego Car Loans
Some car buyers dont think about auto loan financing until after theyve sat down with a car salesman at the dealership. Waiting too long to secure a car loan, however, might lead you to finance a car through a dealership, where you can get stuck with an unfavorable interest rate and loan agreement. Heres why you should get preapproved for your next San Diego car loan.
Preapproval Helps You Save Money
Getting preapproved for an auto loan before looking at cars for sale in San Diego can save you a lot of money. Going car shopping preapproved for an auto loan gives you the upper hand, said Liz Schrock, vice president of consumer lending operations at Mission Fed, a San Diego credit union. You will know what amount you are approved for, as well as the interest rate and term you are qualified for. Having these details up front will help you avoid shopping for a car that is outside of your price range.
If you shop exclusively with a preapproved loan, you also set a hard budget on your car purchase. It’s easy to get caught up in the moment and exceed your budget when you’re shopping for a car, she added.
Preapproval Gives You More Negotiating Power
Meanwhile, a preapproval ups your negotiating power while giving you the opportunity to compare rates from local lenders and dealerships. Mission Fed, for example, offers San Diego auto loans starting at 1.49% APR for 2008 models and newer, a competitive option compared with rates at many dealerships.
Rather than sitting down with a salesperson and trying to figure out the most affordable loan terms and interest rate, a preapproval allows you to focus all of your attention on the actual sale price of a car. Since youre already preapproved, dealerships know they have a deal as long as they can offer you a car within your budget.
Read: 5 Things You Never Knew About Auto Loan Rates
Get More Car Features With a Low Loan Rate
Your auto loan rate plays a role in the total amount paid on your car. The lower your interest rate, the cheaper your payments and the less youll pay in interest over the life of your loan. Qualifying for a low-rate auto loan then increases your purchasing power, making it possible to afford a slightly more expensive car. Between the ability to negotiate a lower total cost and paying less in interest, low-rate financing is one of the easiest ways to afford a car with the most modern features, like:
1. Car WiFi
You can access the internet in hotels, restaurants, and on flights, so it only makes sense to stay connected while in your car. Starting with 2015 models, GM introduced WiFi with 4G LTE connection for select vehicles. Customers can choose between flexible data plans, which include monthly plans and one-time purchases.
2. Blind-Spot Monitoring
Depending on the size of your vehicle, you might not always have a clear view of cars driving to your right or left, especially in the spot right over your shoulder. If youre unaware of a car driving in your blind spot, you risk switching lanes and causing a collision. Blind-spot monitoring is a sweet little perk that keeps track of activity in the lanes to your right and left. Your car will send an alert whenever a vehicle enters your blind spot.
3. Rearview Camera
According to KidsandCars.org, 50 children are backed over every week in the US, and over 60 percent of these accidents involve a larger vehicle. With a rearview camera, the moment you put your car in reverse, a picture of whats behind you pops up on a screen on the dashboard, allowing you to safely back up.
4. Heating and Cooling Seats
Getting into a freezing or hot car can be agonizing. Even with the air conditioning or heater on full blast, it can take a while for a car to reach an ideal indoor temperature. Car seat heaters and coolers provide quick relief and can do a great job of making you comfortable on an otherwise unpleasant day.
5. Bluetooth Technology
With Bluetooth, you can operate your mobile phone while keeping both hands on the wheel. Use Bluetooth to answer a phone call, send an email or scroll through your contacts. You can also use Bluetooth to stream music from your smartphone.
Read: How to Get the Best Auto Loan Rates When You Have No Credit
Dont think you can only get car financing through a dealership. Get a free rate quote from your financial institution first and then get preapproval. A preapproved loan can provide more negotiating power on the showroom floor and can help you secure financing that allows you to pay off your car faster.